School-going children in india often aimed to become Chartered Accountants (CA), which was considered an ideal profession for commerce students. However, the times have changed, and with the world of finance & accounting evolving rapidly, various professional qualifications have come into play. Now, we have various professional accounting qualifications that allow candidates to get global exposure while inculcating valuable theoretical knowledge & practical skills.
There has been a growing demand for Accounting professionals such as Chartered Certified Accountants & Company Secretaries in the North American Market. Both CS and ACCA are prestigious qualifications, and if you want to get into their details, we’re here to help. Continue reading to understand these professional courses, why you should opt for them, and the courses that will help you become a qualified professional in no time.
Analyzing the Demand of the North American Financial Market
The need for professionally skilled people is increasing rapidly. Here are a few statistics stating the same:
- According to the US Bureau of Labor Statistics or BLS, between 2019-2029, employment in the financial management industry will grow by 15%. The growth is expected because of the increased demand for risk management, financial, and cash services.
In addition, economic growth will lead to increasing demand for qualified professionals capable of coordinating, planning, and directing investments.
- The financial services industry is also growing due to other industry trends. For example, the demand for financial managers is rapidly increasing due to the transformation that digital-only banks such as SoFi, Mint, and Monzo are bringing into the market.
ACCA Vs CS
The Association of Chartered Certified Accountants, or ACCA, is a UK-based accounting course that is recognized across the globe. ACCA is accepted in over 180 countries, and you can become a Chartered Certified Accountant within six months to 2 years, depending upon the exemptions you’ve received & how quickly you learn for and pass the examinations.
ACCA provides its candidates with knowledge of various accounting concepts, including financial reporting, taxation, strategic business reporting, auditing, etc. The students get equipped with these concepts keeping the global perspective in mind and become skilled in working globally.
Aspects of ACCA:
The organizing body of ACCA is the Association of Chartered Certified Accountants Body, UK.
The ACCA course has three levels.
- Applied Knowledge Level
- Applied Skills Level
- Professional Level
It can take 2-3 years depending on your
No. of Available Exemptions
The ACCA course lets you get up to nine examination exemptions after you complete your Chartered Accountancy course, meaning you’ll only have to give four exams.
The eligibility criteria of ACCA includes:
- You must have passed your 12th examinations with a 65% aggregate in English, Accountancy/Mathematics.
- You must have passed your 12th examinations with at least 50% in the remaining subjects.
Average Passing Percentage
ACCA’s difficulty level is moderate, and the passing percentage is 30%-40% on average.
ACCA Examination Fees
The examination fee for completing ACCA is approximately ₹1,90,000.
After completing ACCA successfully, you can consider various job profiles, including:
- Finance Manager
- Financial Accountant
- Corporate Treasurer
- Management Accountant
- Financial Controller
The average salary of ACCA professionals lies between 7 LPA to 18 LPA.
ACCA is recognized in over 180 countries worldwide.
Why Should You Pursue ACCA?
More Job Opportunities
There has been a rise in the demand for ACCA professionals in companies globally as the need for individuals with top-notch theoretical and practical skills such as ACCAs has been increasing in the financial industry. A Chartered Certified Accountant is equipped with the skill set to evaluate the current financial situation of a business and develop effective plans for considerable improvement.
Impressive Salary Package
Qualifying as an ACCA professional will considerably increase your potential to earn. The USA is one of the highest-paying countries for ACCA professionals. For ACCA jobs in the USA, professionals’ base salary is around $11,500, and the highest salary for experienced professionals is approximately $154,500.
On Average, ACCA professionals earn $81,000 in the US. Your salary package will vary depending on your job profile.
ACCA professionals can also get jobs in Canada’s accounting and finance sector. For ACCA jobs Canada, your approximate salary package as an ACCA professional will be as follows:
- Base level: CAD 62,300
- Highly-experienced Senior level: CAD 110,000
A Comprehensive Qualification for Better Job Prospects
ACCA’s study material includes various topics related to the commerce industry, including taxation, financial management, auditing, professional ethics, law, management accounting, etc. Being equipped with a plethora of skills increases the capabilities of ACCA professionals and allows them to work in various job roles.
The Best ACCA Course for You
IMS Proschool is the Gold Approved Learning Partner of ACCA, which has provided training to over 3000 students on different levels of ACCA and CIMA professional qualifications.
Their team of skilled and experienced teachers will ensure that you become a qualified ACCA professional in no time and become ready to rule the financial world from day one. By opting for the ACCA course offered by IMS Proschool, you’ll be getting over 1000 hours of live training, and their team will be at your beck and call to solve all your queries.
IMS Proschool also offers 100% placement assistance, ensuring you’ll have a bright future as an ACCA professional.
What is CS?
Company Secretary or CS is a comprehensive course in accounting. The role of a Company Secretary is to be an intermediary between all the parties involved in a company, including government bodies, stakeholders, and the board of directors of the company. CS is an India-based course; it usually takes 2-3 years to become a Company Secretary. After becoming a CS, you’ll become a professional with knowledge in the legal, accounting, and financial sectors.
Aspects of CS:
The organizing body of CS is the Institute of Company Secretaries of India or ICSI.
The Company Secretary course has three levels.
- Foundation Course (This level is for undergraduates only).
- Execution Program
- Professional Program
The course duration to complete CS is 2-3 years.
No. of Available Exemptions
Candidates who have done a Cost Accounting course can get exempted from the Foundation Course of CS.
The eligibility criteria to register for CS is as follows:
- If you’re entering through the foundation level, you need to have passed your 12th examination.
- To enter through the executive level, you must have completed your foundation level or graduation/CSEET.
Average Passing Percentage
The difficulty level of CS is high, and the passing percentage is 10%-40% on average.
CA Examination Fees
The examination fees to complete the CS course is approximately ₹29,000.
After completing CS, you can consider several job profiles, including:
- Legal Advisor
- Company Registrar
- Tax Management Officer
- Corporate Policymaker
- Principal Secretary
- Chief Administrative Officer
- Corporate Planner
The average salary of a CS professional is 6-10 LPA.
CS is recognized in various countries, including Hong Kong, the UK, Malaysia, Singapore, etc.
Why Should You Pursue CS?
Surging demand in the corporate market.
The demand for Company Secretaries is rapidly increasing with every day that goes by. That’s because the job role of a CS is highly valuable to a company as a Company Secretary is required to serve and manage the internal affairs of the corporate industry. Company Secretaries play a vital role in a company’s smooth and lawful running, meaning every corporation requires a Company Secretary to manage various important aspects of its business.
Senior Job Profiles
The role and position of a CS is impressively high in a company. Company Secretaries are esteemed professionals who advise the company’s board of directors while making important company decisions. A CS is involved in all the decisions and meetings of a company. A Company Secretary’s opinion is highly valued, and they are also responsible for drafting the resolutions for getting or selling shares.
More Lucrative Career
As a CS professional, you will have a highly lucrative career. CS professionals earn 8-12 LPA on average at the base level, and the packages increase with different job profiles and as your experience level increases. Additionally, CS professionals are valued, respected, and highly demanded in the corporate market.
ACCA or CS: Which one has better scope in the North American Market?
While CS deals with the legal, finance, and accounting aspects of a business, ACCA is a professional qualification that deals with the accounting field and the accounting-related challenges faced at a global level.
The demand for ACCA and CS professionals is equally high, and they’re required by every organization to manage their finance and accounting aspects.
Thus, Company Secretary & ACCA have a wide scope in finance and accounting. However, considering the North American Market, global recognition, and higher-paying salary, ACCA wins the battle.
Now you know everything about ACCA & CS, which are prestigious professional qualifications. ACCA and CS professionals are highly demanded in the commerce sector, with ACCA getting the cake for having wide global recognition, impressive salary packages, and higher scope in the North American Market.
If you wish to pursue ACCA, you should opt for the ACCA course offered by IMS Proschool to get trained by experienced mentors who will ensure that you become a qualified professional with an impeccable skill set. The thorough course will help you reach heights as an ACCA professional in the accounting and finance sector.